Raymond James Financial Services Advisors Inc. Acquires New Stake in Kellogg (K)

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Raymond James Financial Services Advisors Inc. acquired a new position in shares of Kellogg (NYSE:K) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 75,569 shares of the company’s stock, valued at approximately $4,336,000.

Other institutional investors have also added to or reduced their stakes in the company. JOYN Advisors Inc. grew its position in shares of Kellogg by 38.9% in the 4th quarter. JOYN Advisors Inc. now owns 660 shares of the company’s stock valued at $38,000 after acquiring an additional 185 shares during the period. Sun Life Financial INC grew its position in shares of Kellogg by 0.9% in the 4th quarter. Sun Life Financial INC now owns 21,889 shares of the company’s stock valued at $1,249,000 after acquiring an additional 199 shares during the period. Moors & Cabot Inc. grew its position in shares of Kellogg by 3.3% in the 1st quarter. Moors & Cabot Inc. now owns 6,301 shares of the company’s stock valued at $357,000 after acquiring an additional 200 shares during the period. Bell Rock Capital LLC grew its position in shares of Kellogg by 13.0% in the 1st quarter. Bell Rock Capital LLC now owns 2,161 shares of the company’s stock valued at $125,000 after acquiring an additional 249 shares during the period. Finally, Sawyer & Company Inc grew its position in shares of Kellogg by 10.2% in the 1st quarter. Sawyer & Company Inc now owns 2,761 shares of the company’s stock valued at $158,000 after acquiring an additional 255 shares during the period. 88.75% of the stock is owned by institutional investors and hedge funds.

In other news, major shareholder Kellogg W. K. Foundation Trust sold 100,000 shares of the firm’s stock in a transaction dated Monday, May 20th. The shares were sold at an average price of $56.58, for a total transaction of $5,658,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In the last 90 days, insiders have sold 600,000 shares of company stock valued at $33,851,000. 0.09% of the stock is currently owned by corporate insiders.

NYSE K opened at $56.56 on Friday. The company has a quick ratio of 0.41, a current ratio of 0.68 and a debt-to-equity ratio of 2.75. The stock has a market cap of $19.26 billion, a PE ratio of 13.06, a P/E/G ratio of 3.24 and a beta of 0.56. Kellogg has a 52-week low of $53.14 and a 52-week high of $74.98.

Kellogg (NYSE:K) last posted its earnings results on Thursday, May 2nd. The company reported $1.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.95 by $0.06. The company had revenue of $3.52 billion during the quarter, compared to analysts’ expectations of $3.53 billion. Kellogg had a net margin of 8.59% and a return on equity of 43.13%. Kellogg’s quarterly revenue was up 3.6% compared to the same quarter last year. During the same quarter last year, the company posted $1.19 EPS. As a group, equities research analysts expect that Kellogg will post 3.88 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, June 14th. Stockholders of record on Monday, June 3rd will be paid a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.96%. The ex-dividend date of this dividend is Friday, May 31st. Kellogg’s dividend payout ratio is presently 51.73%.

K has been the subject of a number of analyst reports. ValuEngine raised shares of Kellogg from a “sell” rating to a “hold” rating in a research report on Monday, April 29th. Zacks Investment Research raised shares of Kellogg from a “sell” rating to a “hold” rating in a research report on Wednesday, April 10th. Credit Suisse Group set a $54.00 price objective on shares of Kellogg and gave the company a “hold” rating in a research report on Saturday, February 9th. JPMorgan Chase & Co. decreased their price objective on shares of Kellogg to $56.00 and set a “neutral” rating for the company in a research report on Friday, February 8th. Finally, Buckingham Research set a $67.00 price objective on shares of Kellogg and gave the company a “buy” rating in a research report on Friday, February 8th. Twelve equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Kellogg presently has an average rating of “Hold” and a consensus target price of $62.98.

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About Kellogg

Kellogg Company, together with its subsidiaries, manufactures and markets ready-to-eat cereal and convenience foods. The company operates through U.S. Snacks, U.S. Morning Foods, U.S. Specialty Channels, North America Other, Europe, Latin America, and Asia Pacific segments. Its principal products include crackers, cookies, crisps and other savory snacks, toaster pastries, cereal bars, granola bars and bites, fruit-flavored snacks, ready-to-eat cereals, frozen waffles, veggie foods, and noodles.

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Institutional Ownership by Quarter for Kellogg (NYSE:K)

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